2 Out of 3 Canadians Eyeing Electrified Vehicles for Their Next Purchase
As you’ve probably heard, demand for fully electric vehicles is not growing as fast as some automakers had hoped for, largely due to high prices, limited range and long charging times, but at the same time hybrids are on the upswing again.
What are consumers’ intentions exactly? According to a new study commissioned by Volvo, 64 percent of Canadians looking to purchase a new vehicle in the next five years say they would consider a hybrid, plug-in hybrid or fully electric model. That last category is being considered by 55 percent of respondents.
- Also: Study Reveals EVs Are Far Less Reliable Than ICE-Powered Cars
- Also: EV Affordability Tops Charging and Range Concerns, New Study Shows
The survey was conducted online from March 26-28 among a representative sample of 1,000 people from coast to coast. This insight appears in Volvo Canada’s 2024 Mobility Trend Report.
Those most likely to consider an electrified vehicle within the next five years are from B.C. (74 percent of respondents in that province are thinking about it) and between the ages of 18 and 34 (76 percent).
Hard to Make the Full Switch
When it comes to full EVs, 76 percent of Canadians argue they’re too expensive, 65 percent are worried they will get stranded if they run out of charge, and 59 percent say there are not enough places to charge one.
Overall, 78 percent of Canadians agree there currently isn't enough publicly available charging infrastructure to make EVs a good option.
Another telling stat is this one: only 15 percent of survey respondents view EVs as generally better than gas vehicles in terms of overall costs, including purchase price, gas/charging costs, maintenance, insurance, etc. Nearly two-thirds (64 percent) feel the environmental benefits of EVs are over-hyped.
Further vehicle and infrastructure development will go a long way toward improving these stats, just like maintaining incentives and increasing education, but based on what we see here, it’s easy to understand why some automakers are scaling back their EV plans and focusing more attention on hybrids for the time being.